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MARKET FOCUS: ACCOUNTS PAYABLE Dm<br />
"THIS SURVEY CONFIRMS THAT THE ACCOUNTING PROFESSION HAS LAGGED IN<br />
ADOPTION OF NEWER TECHNOLOGIES SUCH AS AI/ML, CLOUD AND LOW-CODE/NO-<br />
CODE ARCHITECTURE LIKELY IMPACTED BY TRADITIONALLY LONG IMPLEMENTATION<br />
CYCLES AND COMPLEX INTEGRATIONS. THE ACCOUNTS PAYABLE SPACE IS AN IDEAL<br />
EXAMPLE WHERE MANUAL STEPS LIKE ENTERING INVOICES INTO AN ERP SYSTEM CAN<br />
GREATLY IMPACT EFFICIENCY, SO IT'S EXCITING THAT WE ARE FINALLY STARTING TO SEE<br />
INNOVATION IN THIS SPACE WITH POINT SOLUTIONS THAT ARE UP AND RUNNING IN<br />
HOURS, ELIMINATE MANUAL TASKS AND ALLOW ACCOUNTING PROFESSIONALS TO<br />
FOCUS ON HIGHER VALUE-ADD FUNCTIONS."<br />
workflow, AP automation, RPA or<br />
artificial intelligence technologies in<br />
place, a majority of companies report<br />
having some type of document<br />
management and workflow tools<br />
system in place, but AI applications are<br />
still underutilised. Here's the<br />
breakdown, further showing a lack of<br />
current automation tools:<br />
Less than one-third (30%) employ<br />
accounts payable automation.<br />
Only 12% utilise RPA tools and just<br />
slightly less (11%) report using AI.<br />
While these findings are<br />
understandable and relatable, Ephesoft<br />
predicts that new AI-powered lowcode/no-code,<br />
cloud technology, which<br />
is evolving at a rapid pace, will remove<br />
barriers to entry into AI.<br />
STARTING THE JOURNEY<br />
When the question was posed, "What is<br />
your organisation's location on the AI<br />
journey?" responses were split, with 42%<br />
saying they were in the planning stage<br />
and 40% saying they were not planning<br />
on implementing AI tools at all.<br />
We can conclude from the data that<br />
AI has still not been widely adopted,<br />
but many organisations have plans to<br />
invest in it.<br />
"This survey confirms that the<br />
accounting profession has lagged in<br />
adoption of newer technologies such<br />
as AI/ML, cloud and low-code/no-code<br />
architecture likely impacted by<br />
traditionally long implementation<br />
cycles and complex integrations," said<br />
Naren Goel, chief financial officer,<br />
Ephesoft. "The accounts payable space<br />
is an ideal example where manual<br />
steps like entering invoices into an ERP<br />
system can greatly impact efficiency, so<br />
it's exciting that we are finally starting<br />
to see innovation in this space with<br />
point solutions that are up and<br />
running in hours, eliminate manual<br />
tasks and allow accounting<br />
professionals to focus on higher valueadd<br />
functions."<br />
The survey on digital transformation,<br />
AI, technology and automation was<br />
conducted in November 2020 by<br />
Accounting Today on behalf of<br />
Ephesoft. Responses are from 200<br />
accounting and finance professionals<br />
from 26 countries, including CEOs,<br />
CFOs Partners, CIOs, CTOs, CPAs,<br />
accountants, controllers, auditors and<br />
consultants in a variety of industries,<br />
including banks, energy, government,<br />
healthcare, technology, accounting<br />
services, airlines, auto, education, large<br />
global consultancies and many others.<br />
More info: www.ephesoft.com.<br />
www.document-manager.com<br />
<strong>Jan</strong>uary/<strong>Feb</strong>ruary <strong>2021</strong><br />
@<strong>DM</strong>MagAndAwards<br />
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